Developing employee hiring, training and retention plan for 2021-22

Assignment Taken

Develop a Hiring, Training & retention plan for the company engaged in manufacturing electric vehicles

Case Understanding

About the Company: The company is in the electric vehicle business and is researching products and solutions that can disrupt the electric vehicle market. Human resource issues confronting the company: 1. Lack of availability of skilled personnel is one of the significant hindrances 2. Because electric vehicle technology is still in its early stages, there may be a lack of understanding. 3. Lack of motivation to work in the complex industry as the tasks require dealing with new challenges every day 4. Because there are only a few companies to look at and follow the way various business matters are handled, employees' lack of experience with this new business is a significant hindrance.

BCS Solution Summary

Solutions to the problems faced by the company 1. The company can hire people from other geographies where the market for electric vehicles is prevalent. 2. Various training programmes could be organised to provide employees with knowledge about electric vehicles. 3. Employees should be given various types of incentives (monetary or non-monetary) to help them solve problems. Employees who perform exceptionally well may be recognised and awarded at a ceremony. Employees who perform well may be promoted in the hierarchy in order to increase motivation amongst other employees. 4. Workshops with various industry experts who can guide employees on the electric vehicle could be organised.

Solution

Solution (Management principles used to derive  the solutions):

1. Principle of Individual Development – As per this principle, the company should offer an equal opportunity to every employee to realise his/her potential and capability.
2. Principle of the Scientific Selection – As per this principle, only the people who are the right fit for the organisation should be placed.
3. Principle of the Free Flow of Communication- There should be a free flow of communication as per this principle. This would lead to the generation of new ideas, and which can bring innovation.
4. Principle of a Fair Remuneration- As per this principle, employees should be paid fair and equitable wages & salaries.
5. Principle of an Incentive – The employees should be incentivised according to their performance. There should be a policy for the promotion of employees based on their performance.
6. Principle of Contribution to National Prosperity – To provide a higher work purpose to all the employees and contribute to the national prosperity and integrity.

Hiring, Training & Retention Plan for 2021-22:

A) Hiring plan: The company should look to proceed with their hiring in the following ways:

Recruit candidates: When recruiting for new positions, HR must understand the organisation's needs and ensure that those needs are met. It is not as simple as posting an ad on Indeed: you will need to conduct market research, consult with stakeholders, and manage budgets.

Then, more research must be conducted to ensure that the right candidates are attracted and presented once the position is advertised. Recruiting is a massive—and expensive—task; the right candidate can revitalise an entire organisation, but the wrong candidate can destabilise operations.

Treating applicants well:  When a high-quality lead is received, the company should contact them immediately because high-calibre candidates are always in high demand. Prioritise those candidates, impress them, and provide them with an exceptional hiring experience. Hiring is one of the most important issues one must address because each new employee you hire can propel your startup forward, slow it down, or push it backwards.

Conduct benefit analysis: When it comes to attracting the best talent, staying competitive is critical. If the benefits are more appealing, a promising recruit may choose a different company with lower pay. HR should investigate similar companies regularly to see if their benefits are compatible. For example, your organisation might think about including pet insurance in its list of benefits.

Using an employee referral program: When a company/startup hires its first/initial employees, it should implement this employee referral programme. According to studies, referred employees stay longer, cost less to hire, and perform better than non-referral new hires. Startups can benefit significantly from referral recruiting because they need all the good employees they can get without incurring the high costs associated with traditional hiring methods.

Smart Interviewing: The final step in the hiring process is to conduct interviews. Although a company may receive hundreds of applications, calling all of these candidates is not advisable for interviews. Shortlist candidates through phone interviews and invite only those who are relevant for a face-to-face meeting.

B) Training plan: The company should develop a concrete training plan for the upcoming fiscal year 2021-22 by implementing training programmes in the following ways:

Identify the training needs: The company must identify the gaps and plan the training programme accordingly. The company must assess employee performance, determine which areas of the employees' performance are inefficient or unproductive, and then arrange for training.

Setting the objectives: Before making any commitments, the company should define the goals of its training programmes. The company's management should inquire, "How will employee performance improve as a result of this programme?" When putting any training programme into action.

Deciding the type of training: The company should decide the type of training to be provided. Because the company is in a new type of business with electric vehicles, the company should and will look to go with an Outsourced training programme, where professional experts from the industry will provide insight into electric vehicles. The company must and will organise a variety of workshops.

Offering continuing education: Sometimes, career advancement, as mentioned earlier, necessitates additional training. Your company may offer educational assistance, and human resources can assist in determining which classes and training programmes would be best for an employee on his or her chosen career path. HR can also collaborate with managers to ensure that the employee's work schedule is flexible enough to allow class attendance.

Training and supporting managers: Managers are not created. They are made. HR can assist managers in providing management guidance, ensuring that departments and teams are as healthy and functional as possible. This could include sending managers to formal training and retreats regularly.

C) Retention plan: The company's retention strategy includes plans to keep critical employees where they are and to keep top performers happy in the following ways:

Providing career growth opportunities: Stagnation is bad for business, so keeping your best employees on board is a good idea. HR can provide career paths to help guide each employee to a successful future with the company. HR can then follow up with employees regularly to further guide them on their career paths.

Use Anonymous Employee Surveys: Conducting anonymous employee surveys regularly is one method of gathering information on whether or not employees are experiencing any problems. The retention strategy should include strategies for resolving the issues raised by anonymous surveys among employees.

Conducting Exit Interviews: Exit interviews should also be conducted by the company. An effective retention strategy entails delving deeply into the data, establishing goals for your departmental managers, and comprehending the reasons why employees leave the company in the first place.

Supporting health and wellness: It is critical to remember that employees are individuals. They will require assistance in dealing with mental illness, health issues, debt, pregnancies, adoption, and various other life events. HR can assist employees in dealing with any of these and other situations.

Conclusion

The company should try to put the solutions mentioned above into action. It should also have a robust hiring, training, and retention strategy to attract the best talent in the industry.

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